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題 名 | 企業內部資本市場:資金競爭與監督=Internal Capital Market: Capital Competition and Monitoring |
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作 者 | 林坤輝; 劉維琪; 吳欽杉; | 書刊名 | 交大管理學報 |
卷 期 | 19:1 1999.06[民88.06] |
頁 次 | 頁65-86 |
分類號 | 494.75 |
關鍵詞 | 內部資本市場; 資金配置; 資金競爭; 監督; Nternal capital market; Capital allocation; Capital competition; Monitoring; |
語 文 | 中文(Chinese) |
中文摘要 | 多部門企業內部資本市場是企業資本分配的主要管道,然而相對於外部融資,它可能存在一個重要的負面因素,即部門間競逐企業有限資金,將導致企業資源浪費,為企業內部資本市場資金分配一個不可忽略的成本。如何消除或降低此一成本,是企業建構有效率內部資本市場的重要議題。本文以一個簡單的部門競爭模式為基礎,分析部門競爭資金之特性,並探討監督對部門間資金競爭之影響。研究結果發現:(1)部門資金越少,資金競爭誘因越強烈,企業若無有效的資金配置機制,將引發部門間資金競爭,消耗資源,此為內部資本市場融資的主要成本之一。(2)若企業受限於某些特定因素而無法規範部門的資金競爭時,則應採用分權化的資金配置制度為佳。(3)部門間之資金競爭,可透過監督來規範,但監督則受限於部門特性而會有不同效果,意即監督並不一定能夠達成預期降低資金競爭成本之效果,只有在特定條件下,企業方可透過監督來降低資金分配成本。 |
英文摘要 | Internal capital market is a major channel of capital allocation in a multidivisional firm. In contrast to external financing, internal financing may have a negative effect that is caused by competing capital between divisions. How to organize an efficient internal capital market to reduce such cost of capital allocation is an important issue for a firm. This article examines internal competition and monitoring effect in allocating firm's capital to competing divisions. We construct a simple model to capture and analyze the nature of this sort of interaction, then expand the model with including monitoring factor to identify monitoring effect. The following findings were made through this model: (1) The less the amount of capital of a division, the stronger the incentive for capital competition. The resources that wasted in capital competition are main costs of allocating capital between divisions within an internal capital market. (2) If headquarters of a multidivisional firm is unable to monitor investment activities of divisions, then the firm is better off being decentralized in capital allocation and allowing divisions more turf. (3) By monitoring, a firm can regulate capital competition between divisions, but the monitoring effect depends on the operating characteristics of division. Only under some specific circumstances, it is effective to reduce the costs of capital competition by monitoring. |
本系統中英文摘要資訊取自各篇刊載內容。